President Trump, talked about putting American’s first and putting them back to work in his inaugural address today. But Canada has quietly taken some steps in anticipation of the upcoming trade talks revising the North American Free-Trade Agreement. (NAFTA).
While the new American president has threatened hefty new tariffs to discourage imports and protect American jobs, Canada’s government moved in the opposite direction, eliminating tariffs over the recent holidays.
Published on December 28, 2016 in the Canada Gazette, a customs tariff order described how almost 200 different tariffs on imported food ingredients will be repealed or amended.
The order says that based on recent import levels, an estimated $48 million in tariffs are collected annually on these products.
That’s roughly how much revenue the government now gives up. And what manufacturers will save, accordingly.
The cuts took effect January 16th, 2017.